Minneapolis and St. Paul FHA Loans

If you are considering relocating to Minneapolis or St. Paul, there has never been a better time than today to apply for an FHA loan. The FHA home loan program has been around for over seventy years helping people afford the homes of their dreams. Over that time, millions of Americans have taken advantage of the huge benefits the FHA has to offer. Today these benefits are greater than ever.

Why choose an FHA loan?

When you apply for an FHA loan you have the opportunity to finance up to 96.5% of the total cost of the house. This means you will only have to provide 3.5% for a down payment. This makes buying a new home much more affordable, especially today when conventional loans typically require around 20% for a down payment. Now, even if you don’t have a lot of money saved up you will still be able to become a proud new homeowner in Minneapolis or St. Paul.

Additional Benefits

There are many great benefits you will receive with an FHA loan in addition to the low down payment feature. For starters, approval is much more lenient with an FHA loan than with a conventional loan. Even people who have less than perfect credit will be able to qualify for a new loan. Once you have the loan, you won’t have to pay private mortgage insurance and will get to take advantage of competitive interest rates, making the total cost of the loan that much lower. You will also be able to choose from flexible repayment plans and streamline refinance options in the future.

Refinancing

If you currently have an FHA loan and are looking to refinance to a lower interest rate, you can apply for a streamline refinance. With a streamline refinance you won’t incur any out-of-pocket expenses and won’t be required to provide any additional paperwork. Alternatively, you can apply for a cash-out refinance if you are looking to borrow money against the house’s equity.

Get Started Today!

Whether you are looking to obtain a new loan or refinance your current mortgage, we can help! When you fill out our secure online 1 minute quote form we’ll be able to get you pre-approved today. The process is fast, free and has no obligation – what are you waiting for!

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